Cibc World Market Inc. Buys Shares of 35,337 PENN Entertainment, Inc. $PENN

Cibc World Market Inc. purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 35,337 shares of the company’s stock, valued at approximately $755,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $410,579,000. Shapiro Capital Management LLC increased its stake in PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock valued at $132,062,000 after acquiring an additional 425,190 shares during the last quarter. Bank of America Corp DE increased its stake in PENN Entertainment by 57.9% in the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock valued at $65,400,000 after acquiring an additional 1,595,502 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after purchasing an additional 1,679,953 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after purchasing an additional 3,121,051 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Trading Down 2.9%

Shares of PENN stock opened at $17.33 on Friday. The business has a 50-day moving average of $20.17 and a 200 day moving average of $17.49. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36. The stock has a market capitalization of $2.32 billion, a PE ratio of -2.72, a P/E/G ratio of 0.46 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the firm earned ($0.12) EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Citigroup reissued a “market outperform” rating on shares of PENN Entertainment in a report on Tuesday, August 18th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $22.00 target price on shares of PENN Entertainment in a research note on Friday, August 7th. Citizens Jmp increased their price target on shares of PENN Entertainment from $24.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, July 16th. Benchmark lifted their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Morgan Stanley restated an “underperform” rating on shares of PENN Entertainment in a report on Wednesday, August 12th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.53.

PENN Entertainment Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.